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The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales revenu

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Answer #1

Solution:

a. Opeating Income/ loss 25,000
b Income/loss before income taxes 7,000
c Net income(loss) 5,250

Explanation:

a. Sales revenue 3,00,000
Less: Cost of goods sold -1,60,000
       General and administrative expenses -40,000
       Restructuring costs -50,000
        Selling expenses -25,000
Operating Income 25,000
b. Operating income 25,000
Add: Interest revenue 4,000
Deduct: Loss on sale of investments -22,000
Income before income taxes 7,000
c. Income before income taxes 7,000
Income tax expense 1750
Net Income 5,250

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